India's sugar production fell 3 per cent to 29.9 million tonnes (MT) in the first six months of the 2022 23-marketing year ending September, according to industry body ISMA.
Balrampur Chini Mills, Dwarikesh Sugar Industries, Ugar Sugar Works, Rana Sugars, Dhampur Sugar Mills and Shree Renuka Sugar overcome their significant peaks, with volumes exceeding daily 3-month high
India has a cushion to export an additional 1 million tonnes of the sweetener if the domestic output reaches an estimated 33.6 million tonnes this year
Stocks to Watch: Balrampur Chini, Indiabulls Housing Finance and Punjab National Bank (PNB) were the three stocks in F&O ban period on Wednesday.
According to the technical analyst from Anand Rathi, Balrampur Chini can rally to Rs 435, while PNB is likely to hit Rs 68.
The government of India has taken a slew of measures in the past couple of years that have changed the dynamics of the sugar industry
Rajshree Sugars, Ugar Sugar Works, Simbhaoli Sugars, Sakthi Sugars and Bajaj Hindustan have zoomed in the range of 10 per cent to 19 per cent in intra-day trades so far.
The board of directors of Balrampur Chini on November 9 had approved Rs 145.44 crore share buyback at Rs 360 per share through the open market route.
ICRA expects operating margins for sugar firms to remain in the range of 13.0 - 13.5 per cen in FY23 (in line with FY22 levels) supported by elevated sugar realizations as well as ethanol realizations